https://www.taxtmi.com/caselaws?id=758315 The Appellate Tribunal under SAFEMA dismissed an appeal challenging seizure of assets under Section 37A of FEMA, 1999. The appellant argued the provision was inapplicable and only authorized seizure, not confiscation, and that discharge in an I-T prosecution case invalidated FEMA proceedings. The Tribunal held that Section 37A has a low threshold requiring only suspicion of contraventions, not proof beyond reasonable doubt. The Tribunal found seizure was proper as it involved transferring dematerialized bonds to the Directorate's account, not confiscation. Information sharing under India-France DTAA was deemed valid. The continuing offense doctrine applied as the property was allegedly held in contravention after the 2015 amendment took effect, making retrospectivity irrelevant. en-us Thu, 18 Jul 2024 00:00:00 +0530 Wed, 11 Sep 2024 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758315 The Appellate Tribunal under SAFEMA dismissed an appeal challenging seizure of assets under Section 37A of FEMA, 1999. The appellant argued the provision was inapplicable and only authorized seizure, not confiscation, and that discharge in an I-T prosecution case invalidated FEMA proceedings. The Tribunal held that Section 37A has a low threshold requiring only suspicion of contraventions, not proof beyond reasonable doubt. The Tribunal found seizure was proper as it involved transferring dematerialized bonds to the Directorate's account, not confiscation. Information sharing under India-France DTAA was deemed valid. The continuing offense doctrine applied as the property was allegedly held in contravention after the 2015 amendment took effect, making retrospectivity irrelevant. Case-Laws FEMA Thu, 18 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758315